NJ bill tries to keep foreclosed homes within families and discourage investor flipping
DEC 3, 2021 | REPUBLISHED BY LIT: DEC 4, 2021
New Jersey is trying to make it easier for family members or low-income buyers to purchase foreclosed homes by removing barriers during sheriff’s sales — and discourage big investors from flipping foreclosed homes — under a bill that passed through committees this legislative session.
Currently, a winning bidder must pay 20% of the purchase price of the property at the end of a sheriff’s sale. The bill, A1834/S2130, would lower that deposit amount to 3.5% for those intending to live in the home for at least seven years.
Bidders would also have more than the current 30 days to put the rest of the money down. Under the bill, buyers could take up to 90 business days to complete a sale, and interest would not accrue on the balance for the first 60 days after a sale. If bidders can’t complete the sale through no fault of their own — such as when the appraised value is less than what they purchased the property for — they won’t be responsible for penalties or fees.
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